Hitech Corporation Limited (HITECHCORP)
₹406.10 -1.05% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Hitech's revenue was ₹226 Cr (+36.8% year on year, +35.9% on the previous quarter), and net profit ₹7.1 Cr (+49.7% year on year); the operating margin was 10.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹226 | +36.8% | +35.9% |
| Operating profit | ₹23.0 | +12.3% | +7.7% |
| Net profit | ₹7.1 | +49.7% | -20.0% |
| EPS (₹) | 4.14 | +50.0% | -19.9% |
| Operating margin | 10.2% | — | — |
HITECHCORP exchange data
NSE end-of-day data for
It closed at a price band (circuit) on 3 sessions in about the last 20.
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Hitech Corporation disclosed a corrigendum issued by the delisting offer manager (Kreo Capital) clarifying that 100 physically tendered shares were rejected due to defective documentation. Consequently, validly tendered shares stand adjusted slightly to 30,09,593 shares (down from 30,09,693). Post-acquisition, promoter group shareholding will reach 91.96% (92.82% excluding non-applicable categories), surpassing the 90% delisting threshold. The delisting offer remains officially successful.
- Corrigendum adjusts valid bids accepted at or below Exit Price to 30,09,593 shares (previously 30,09,693)
- Rejection of 100 physical equity shares due to documentation deficiencies
- Post-offer promoter and acquirer holding will be 1,57,94,073 shares or 91.96% of fully paid-up capital
- Qualifying promoter holding reaches 92.82% under Regulation 21(a) of SEBI Delisting Regulations, crossing 90% threshold
- Overall reverse book building had received 34,16,208 share bids across 778 bids in a price range of Rs 252 to Rs 2,000
Hitech Corporation Limited's promoter group delisting offer has succeeded as post-offer holding exceeded the 90% threshold under SEBI Delisting Regulations. The promoter group Acquirer, Geetanjali Trading and Investments Pvt Ltd, sought up to 43,91,220 shares (25.57% of equity capital) with a floor price of ₹252 and indicative price of ₹351 per share. The discovered price was determined at ₹425 per share, and the Acquirer declared an exit price of ₹426 per share, slightly above the current market price of ₹411.4.
- Post-offer promoter group shareholding exceeded the 90% threshold, deeming delisting successful
- Final Exit Price fixed at ₹426 per equity share, higher than the discovered price of ₹425
- Offer covered acquisition of up to 43,91,220 equity shares representing 25.57% of equity capital
- Exit price of ₹426 compares to original floor price of ₹252 and indicative price of ₹351
Hitech Corporation Limited's promoter group entity, Geetanjali Trading and Investments Private Limited, has successfully concluded the delisting offer for the company's equity shares. Against a minimum threshold requirement of 25,29,733 shares (to reach 90% ownership), a total of 30,09,693 shares were validly tendered at or below the discovered price. The acquirer accepted the final exit price of Rs 426 per share, taking total promoter holding to 91.96% (1,57,94,173 shares). Payment of consideration to successful bidders is scheduled on or about October 23, 2026, and residual shareholders will have an exit window of one year following delisting.
- Final exit price accepted by Acquirer is Rs 426 per share vs floor price of Rs 252 and indicative price of Rs 353
- Delisting successful with 30,09,693 shares tendered, exceeding the minimum requirement of 25,29,733 shares
- Promoter group post-offer holding reaches 91.96% (1,57,94,173 equity shares), surpassing the 90% delisting threshold
- Settlement and consideration payout to accepted shareholders to be made on or about October 23, 2026
- Residual shareholders permitted to tender shares at the exit price of Rs 426 for a 1-year window following official delisting
Hitech Corporation's reverse book building process for voluntary delisting closed on October 13, 2026, discovering a price of Rs 425 per share against a floor price of Rs 252 and indicative price of Rs 353. At or below the discovered price, 29,84,693 shares were successfully tendered, taking the promoter group's post-offer holding to 92.67% of remaining shares, surpassing the mandatory 90% delisting threshold. The delisting will be successful subject to the acquirer accepting this discovered price of Rs 425 per share. Total valid bids received were 34,16,208 shares across 778 bids.
- Discovered price determined at Rs 425 per share vs floor price of Rs 252 and indicative price of Rs 353
- Promoter group holding reaches 92.67% of remaining shares (1,57,69,173 shares) at the discovered price, exceeding the 90% threshold
- 29,84,693 equity shares (17.38% of total equity) successfully bid at or below Rs 425 per share
- Delisting offer size comprised 43,91,220 shares (25.57% of equity capital)
- Delisting success is contingent on the acquirer formally accepting the discovered price of Rs 425 per share or making a counter-offer
Hitech Corporation Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the company's Registrar and Share Transfer Agent. The RTA confirmed that securities received for dematerialisation during the quarter were duly processed, confirmed/rejected, and listed on stock exchanges within prescribed timelines. This is a standard procedural disclosure with no impact on business operations or financials.
- Compliance certificate filed under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate received from RTA MUFG Intime India Private Limited dated October 3, 2026
- Company filing submitted to BSE and NSE on October 13, 2026
The Committee of Independent Directors (IDC) of Hitech Corporation has unanimously recommended the voluntary delisting offer made by promoter entity Geetanjali Trading and Investments. The offer seeks to acquire up to 43,91,220 shares (25.57% of equity) from public shareholders via reverse book building. The floor price is set at ₹252 per share, while the promoter's indicative price is ₹353 per share, which is near the current trading price of ₹345.2. IDC noted the indicative price is higher than the all-time high price on exchanges and represents a 2.11x multiple over the pre-announcement trading price.
- Delisting offer covers up to 43,91,220 shares representing 25.57% public shareholding
- Floor price fixed at ₹252 per share; Indicative price offered at ₹353 per share
- Indicative price is ~2.11x the last traded price prior to the initial announcement
- BSE and NSE provided in-principle approval on September 25, 2026
- IDC unanimously found the delisting offer fair and reasonable under SEBI regulations
Manager to the Offer, Kreo Capital, has released the Letter of Offer for the voluntary delisting of Hitech Corporation Limited by promoter entity Geetanjali Trading and Investments. The offer sets a Floor Price of ₹252 per share and an Indicative Price of ₹353 per share, compared to the current market price of ₹342.5. The reverse book-building bidding window opens on October 07, 2026, and closes on October 13, 2026. The promoter group currently holds 74.44% of the equity, requiring public shares to be tendered to meet the 90% delisting threshold.
- Indicative offer price set at ₹353 per equity share
- Floor price established at ₹252 per equity share
- Bidding opens on October 07, 2026 and closes on October 13, 2026
- Announcement of discovered price or exit price scheduled by October 15, 2026
- In-principle approvals received from BSE and NSE on September 25, 2026
Promoter group entity Geetanjali Trading and Investments has issued the Letter of Offer for the voluntary delisting of Hitech Corporation Limited from BSE and NSE. The delisting process sets an Indicative Price of ₹353 per share and a Floor Price of ₹252 per share via reverse book building. The bidding window opens on October 7, 2026, and closes on October 13, 2026. The indicative price represents a modest premium of ~3.1% to the current market price of ₹342.4.
- Indicative Offer Price set at ₹353 per equity share
- Floor Price established at ₹252 per equity share
- Bidding opens on October 07, 2026, and closes on October 13, 2026
- Letter of Offer to be dispatched to public shareholders by September 30, 2026
Hitech Corporation has constituted a 5-member Committee of Independent Directors (IDC) following receipt of a Detailed Public Announcement for delisting. The delisting offer is initiated by Geetanjali Trading and Investments Private Limited, a promoter group entity. Promoter holding stands high at 74.44% as of recent filings, nearing the maximum public threshold limit. The IDC is tasked with providing reasoned recommendations on the delisting offer under Regulation 28 of SEBI Delisting Regulations.
- Board constituted a 5-member Committee of Independent Directors via circular resolution on September 29, 2026
- Detailed Public Announcement (DPA) was dated September 25, 2026, and published on September 28, 2026
- Acquirer identified as Geetanjali Trading and Investments Private Limited, part of the promoter group (total promoter holding at 74.44%)
- Kreo Capital Private Limited is acting as the Manager to the Delisting Offer
Hitech Corporation Limited has received and disclosed the Detailed Public Announcement (DPA) dated September 25, 2026, for a voluntary delisting offer. The offer is being made by promoter group entity Geetanjali Trading and Investments Private Limited via manager Kreo Capital. With promoters currently holding 74.44% of equity, this marks the formal initiation of the delisting process under SEBI Delisting Regulations. The DPA was published in newspapers on September 28, 2026, setting the stage for the bidding process.
- Delisting offer initiated by Geetanjali Trading and Investments Private Limited (promoter group member)
- DPA dated September 25, 2026, officially published on September 28, 2026
- Kreo Capital Private Limited appointed as the Manager to the Delisting Offer
- Promoter group currently holds 74.44% equity against a total market cap of ₹586 Cr
Hitech Corporation Limited has received in-principle approval from both BSE and NSE on September 25, 2026, for the proposed voluntary delisting of its equity shares under SEBI Delisting Regulations. The promoter group currently holds a 74.44% stake in the packaging company, which has a market cap of approximately Rs 567 Cr. The final delisting application must be submitted within one year of passing the special resolution, subject to satisfying exchange conditions and delisting regulations. This moves the delisting process to the reverse book-building stage, where public shareholders will tender their shares.
- Received in-principle approval letters dated September 25, 2026, from both BSE and NSE
- Final application for delisting must be made within 1 year of passing the special resolution
- Company must confirm no pending litigation or actions in the securities market with material shareholder impact
- Current promoter holding stands at 74.44% against a total market cap of Rs 567 Cr
Hitech Corporation Limited submitted voting results and the Scrutinizer's report for its 35th Annual General Meeting held on September 24, 2026. All four resolutions were passed with the requisite majority, including the adoption of FY26 financial statements, dividend declaration, and not filling the vacancy from Mr. Jayendra R. Shah's retirement. Significantly, public shareholders approved the material Related Party Transaction with key customer Asian Paints Limited with 99.96% votes in favour (38,799 votes out of 38,813 polled), while promoter votes were excluded from voting on this item.
- All 4 ordinary resolutions passed with over 99.9% majority at the 35th AGM held on September 24, 2026.
- Approval granted for Material Related Party Transaction with Asian Paints Limited with 99.9639% votes in favour (38,799 shares).
- Overall valid voting turnout for general resolutions was 1,25,34,203 shares (72.9764% of outstanding shares).
- Shareholder count stood at 7,088 as of the record date September 17, 2026.
Hitech Corporation has submitted revised Due Diligence and Share Capital Audit Reports following queries raised by the National Stock Exchange of India (NSE) on September 3, 2026. The revised reports, approved by the Board via circular resolution on September 8, 2026, cover the updated review periods necessary for stock exchange in-principle approval. As of June 8, 2026, promoters and members of the promoter group held 74.43% (1,27,84,480 shares) out of 1,71,75,700 total equity shares, confirming no change in promoter holdings during the review window. The delisting process was initially initiated via an Initial Public Announcement on May 25, 2026, by Geetanjali Trading and Investments Private Limited.
- Board approved revised Due Diligence and Capital Audit reports via Circular Resolution No. 3/2026-27 on September 8, 2026.
- Acquirers/promoters held 74.43% equity capital (1,27,84,480 shares) with zero holding changes during June 9, 2024 to June 8, 2026.
- Delisting originates from the Initial Public Announcement dated May 25, 2026, by Geetanjali Trading and Investments Private Limited.
- Total issued and listed capital verified at 1,71,75,700 equity shares across both BSE and NSE.
- NSE query was received on September 3, 2026, requesting updated timeframes for compliance audits.
Hitech Corporation Limited has informed the exchanges that it has sent letters to shareholders whose email addresses are not registered, providing web links to access the FY2025-26 Annual Report. The company's 35th Annual General Meeting is scheduled to be held on September 24, 2026, via Video Conferencing. The communication also includes mandatory KYC and nomination updation reminders for physical share folios pursuant to SEBI circulars. This filing is entirely procedural and has no financial or operational impact.
- 35th Annual General Meeting (AGM) scheduled for Thursday, September 24, 2026, at 3:30 PM IST via VC/OAVM
- Web-link for FY2025-26 Annual Report dispatched to shareholders with unregistered email IDs as of the cut-off date August 28, 2026
- Reminder issued to physical shareholders for mandatory KYC updation per SEBI Master Circular dated May 07, 2024
Hitech Corporation Limited has published its Annual Report for FY2025-26 and issued notice for its 35th Annual General Meeting, scheduled for September 24, 2026, via video conferencing. The annual filing highlights standalone FY26 revenue of ₹584.25 crore (₹58,425 lakhs), EBITDA of ₹66.61 crore (₹6,661 lakhs), and PAT of ₹8.02 crore (₹802 lakhs). The company operates 13 manufacturing facilities across India serving over 1,000 customers. This is a procedural statutory compliance filing for the annual shareholder meeting.
- 35th AGM scheduled for September 24, 2026, at 3:30 PM IST via video conference
- Annual report lists FY26 revenue at ₹584.25 crore (₹58,425 lakhs)
- FY26 EBITDA reported at ₹66.61 crore (₹6,661 lakhs) and PAT at ₹8.02 crore (₹802 lakhs)
- Manufacturing network comprises 13 facilities across India with 633 total employees
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY2026 reached INR 329.29 Cr, representing a 13.9% increase compared to INR 289.13 Cr in H1 FY2025. However, FY2025 standalone operating revenue declined 2% YoY to INR 549.43 Cr from INR 561.79 Cr, primarily due to volatility in the polymer-based packaging segment.
Geographic Revenue Split
The company operates manufacturing facilities across multiple states in India. While specific regional percentages are not disclosed, the geographically diverse presence is cited as a key factor in insulating the business from regional economic downturns.
Profitability Margins
Profitability saw a significant contraction in FY2025; Operating Margin dropped to 8.4% from 10.6% in FY2024, and Net Profit Margin fell to 1.5% from 3.9%. This was driven by an inability to fully pass on raw material price fluctuations to customers in a price-sensitive market.
EBITDA Margin
EBITDA margin stood at 11.3% in FY2025 (INR 62.40 Cr), a 16% decline from FY2024's EBITDA of INR 73.99 Cr. The decline reflects higher operational costs and competitive pricing pressures in the rigid packaging industry.
Capital Expenditure
While specific future INR figures are not disclosed, the company recently acquired Thriarr Polymers Private Limited in March 2025 to enhance capacity. Historical performance has been supported by 'enhanced capacities' and strategically located plants near client facilities to maintain cost advantages.
Credit Rating & Borrowing
Maintains a 'Stable' outlook with Crisil. Bank limit utilization was approximately 43% through December 2024. The company has a yearly debt obligation of approximately INR 14 Cr to INR 23 Cr over the medium term, supported by projected cash accruals of INR 50-60 Cr.
Operational Drivers
Raw Materials
Polymer-based raw materials (derived from crude oil) constitute the primary input, representing the bulk of the cost of materials consumed, which was INR 99.48 Cr for Q2 FY2026.
Import Sources
Sourced globally and domestically, with pricing heavily influenced by global crude oil trends and supply-demand dynamics in the petrochemical sector.
Key Suppliers
Not specifically named, but procurement is tied to major petrochemical and polymer producers globally.
Capacity Expansion
Current operations span multiple states in India. Expansion is focused on diversifying into sustainable plastic packaging for food, beverage, and pharmaceuticals. The acquisition of Thriarr Polymers in March 2025 added to the group's consolidated capacity.
Raw Material Costs
Raw material costs are highly volatile; the company employs a pricing strategy to modify product prices in response to polymer shifts, though a lag in this mechanism contributed to the 64% drop in FY2025 PAT.
Manufacturing Efficiency
Efficiency is monitored through an annual internal audit plan covering all units. ROCE declined from 13.8% in FY2024 to 7.1% in FY2025, indicating a temporary drop in capital efficiency.
Logistics & Distribution
Strategically located manufacturing facilities near client plants provide a significant cost advantage over competitors by reducing freight and distribution expenses.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth is targeted through 20-25% revenue increases by diversifying the customer base beyond paints into FMCG, agrochemicals, and pharma. The strategy includes the integration of Thriarr Polymers (acquired March 2025) and Hitech Global Inc to unlock synergistic value.
Products & Services
Plastic-based rigid packaging products for paints, personal care, agricultural chemicals, healthcare, confectionery, and lubricants.
Brand Portfolio
Hitech Corporation (formerly Hitech Plast Ltd), Thriarr Polymers, Hitech Global Inc.
New Products/Services
Sustainable plastic packaging solutions for the food, beverage, and homecare sectors are expected to drive future revenue diversification.
Market Expansion
Expansion is focused on increasing the 'diversified product basket' and ramping up business segments in the healthcare and agrochemical sectors to reduce dependency on the paint industry.
Market Share & Ranking
Not disclosed as a specific percentage, but described as having an 'established market position' in the rigid plastic packaging industry.
Strategic Alliances
The group consists of the holding company and its subsidiaries: Thriarr Polymers Private Limited and Hitech Global Inc.
External Factors
Industry Trends
The industry is shifting toward sustainable and recyclable plastic packaging. Hitech is positioning itself by diversifying into varied industries like pharmaceuticals and FMCG to insulate against cyclicality in any single sector.
Competitive Landscape
Competes with other rigid packaging players; competitive advantage is maintained through geographic spread and cost-efficient operations near client sites.
Competitive Moat
The moat is built on 'longstanding customer relationships' with industry leaders and 'strategically located' plants. This proximity creates high switching costs for clients due to the logistical complexity of transporting empty rigid containers.
Macro Economic Sensitivity
Highly sensitive to Indian private consumption trends and GDP growth, as packaging demand is a derivative of consumer goods and construction (paints) sectors.
Consumer Behavior
Increasing demand for specialized and sustainable packaging in the homecare and personal care segments is driving product innovation.
Geopolitical Risks
Global crude oil price volatility due to geopolitical tensions directly impacts polymer input costs, potentially squeezing margins if price hikes cannot be passed on.
Regulatory & Governance
Industry Regulations
Compliant with Section 143 of the Companies Act, 2013, regarding internal controls. Operations are subject to environmental regulations concerning plastic manufacturing and waste.
Environmental Compliance
The company is focusing on sustainable plastic packaging solutions to align with evolving environmental norms regarding plastic waste management.
Taxation Policy Impact
Effective tax rate is subject to standard Indian corporate tax laws; FY2025 PAT was INR 7.98 Cr after tax provisions.
Risk Analysis
Key Uncertainties
Polymer price volatility and economic dependency on the Indian private consumption market are the primary uncertainties, with a potential 10% drop in margins identified as a 'downward factor' for credit stability.
Geographic Concentration Risk
While manufacturing is spread across India, the company's performance is tied to the domestic Indian economy.
Third Party Dependencies
High dependency on large clients (Asian Paints, Pidilite) for revenue stability; loss of any major client would severely impact the business profile.
Technology Obsolescence Risk
The company is investing in IT infrastructure to mitigate data security risks and improve operational efficiency through digital transformation.
Credit & Counterparty Risk
Debtors turnover ratio is healthy at 29 days, though it increased from 26 days, indicating a slight stretch in the collection cycle.
